Dark Defender projects a bold 200% surge for Ripple’s XRP to $1.88, citing meticulous technical analysis and a bullish cup and handle pattern on the daily chart.
In a bold projection, cryptocurrency analyst Dark Defender has foreseen a substantial surge in Ripple’s XRP, estimating a remarkable 200% rally that could propel the digital asset to an impressive $1.88. This forecast comes in the wake of meticulous technical analysis, with Dark Defender emphasizing the formation of a bullish cup and handle pattern on the daily chart.
SEC Vs Ripple Ruling: Judge Torres’ Pivotal Verdict On XRP’s Securities Status
The catalyst for the initial upward trajectory in this pattern can be traced back to a pro-Ripple ruling in the SEC vs Ripple lawsuit. Judge Analisa Torres delivered a pivotal verdict, asserting that the sale of XRP to retail investors did not fall under securities law.
Despite this favorable outcome, it’s crucial to note that the judge identified the sale of the token to institutions as falling within the realm of securities.
Dark Defender draws attention to the current handle of the cup, pinpointing its critical support level at $0.6044. The analyst warns of a potential break below this support, with the next level standing at $0.5286.
To stay on course for the projected target, XRP must maintain a position above the $0.6044 support for two consecutive days, though Dark Defender remains optimistic, stating, “The main structure is still in place.”
Dark Defender’s Ambitious Forecast: XRP Aims For $1.88 With Anticipated Swift Ascent Beyond $1
With a short-term target set at an ambitious $1.88, Dark Defender anticipates a swift ascent beyond the $1 mark, suggesting an impending bullish wave. Changelly, a prominent cryptocurrency exchange, echoes this sentiment, predicting a surge beyond $1 for XRP in 2024, hinting at a rapid rally of over 50%.
The recent legal classification of XRP as a non-security could catalyze a surge in mass adoption, particularly for remittance and cross-border transfers. Analysts foresee this development capturing the attention of investors, potentially driving up demand. Some even project a more substantial long-term surge, with estimates reaching as high as $3.8, reflecting a staggering 500% increase from current levels.
As the crypto community eagerly watches these developments unfold, Ripple’s XRP appears poised for a period of unprecedented growth, and investors are keeping a close eye on the charts as the digital asset looks set to break new ground.